California medical device maker Hansen Medical (NSDQ:HNSN) posted a tough 1st quarter, sending shares down 11% in afternoon trading yesterday.
The robotic surgery devices maker posted $17.2 million in losses, or 26¢ per share, on $3 million in sales during the 3 months ended March 31, 2013.
That’s a 45.5% increase in losses and a 36.6% drop in sales compared with the same period last year, according to a regulatory filing. The company’s 26¢ per-share losses were double what Wall Street analysts had projected for the quarter.
Looking on the bright side, president & CEO Bruce Barclay noted that Hansen had gone from just 1 installed Magellan robotic system to 9 total clinical installations in a little more than 2 quarters.
"We have a strong and growing pipeline of potential commercial transactions and are in advanced discussions with several accounts regarding the potential purchase of systems," Barclay said in prepared remarks. "Given the number of positive indicators we are seeing, including the status of our discussions with various accounts, we can now update our 2013 outlook to anticipate the commercialization of 14 to 17 robotic systems in 2013."
The Q1 loss was a harsh swing to red from the company’s previous quarter, when Hansen managed to eke out a profit of $9.6 million, or 15¢ per share, on sales of $4.3 million.
The robotic surgery market has taken some blows recently, including the Massachusetts medical board’s warning in March 2013 of possible risks associated with the cutting-edge technology. Intuitive Surgical (NSDQ:ISRG), Mako Surgical (NSDQ:MAKO) and Hansen Medical all watched their stocks’ values plummet, with MAKO shares down the most at more than 7% as of the end of trading on March 21 after the bureau said it received an increasing number of reports over the past 2 years of patient complications associated with with robotic surgery.